Markets around the globe are taking a beating today, with gold and silver prices bearing the brunt of the selloff as investors position themselves for the eventual curtailing of the Fed’s bond-buying program.

“It is hard to know where to start this morning with a synchronized collapse taking place in emerging market currencies bonds and equities, gold breaking down to a new 2013 low and an ugly session taking place in Europe,” Michael Shaoul, chairman of New York-based Marketfield Asset Management, wrote to clients this morning.

Gold prices fell by more than 5% and traded below $1,300 an ounce for the first time in nearly three years. The SPDR Gold Trust (GLD) is down 4% amid heavy trading volume.

Gold’s ugly five-day chart

FactSet

Silver prices plunged more than 8% and fell below $20 an ounce for the first time in 32 months. By comparison, silver had been above $30 earlier this year. The iShares Silver Trust (SLV) is down more than 6% on Thursday.

Silver prices over the past five days

FactSet

Emerging markets are getting hit hard as the Vanguard FTSE Emerging Markets ETF (ticker symbol VWO) is down 3.5% on heavy volume. Bond yields are spiking, with yields on benchmark 10-year Treasury notes jumping as high 2.469%, according to Tradeweb. And U.S. stocks are getting hit, with the Dow down about 200 points after falling 206 points in yesterday’s session.

As we noted in today’s Morning MoneyBeat, the renewed volatility across market may just be a knee-jerk reaction. The problem now is trying to decipher when that knee-jerk reaction is going to dissipate.

“We continue to believe that the market is likely to take matters into its own hands well before any genuine clarity over timing emerges from the Federal Reserve,” Shaoul says.